Nine Email Scandals that Underscore the Need for Proper Archiving

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Banc of America Securities

The SEC fined one of America's largest banks $10 million for failing to retain and produce emails in accordance with regulations.

Banc of America Securities, a unit of the Bank of America Corporation, was found guilty of violating the laws of record keeping and access requirements. According to the SEC, the firm had "repeatedly failed to promptly furnish documents requested by the staff, provided misinformation concerning the availability and production status of such documents, and engaged in dilatory tactics that delayed the investigation." The firm failed to produce an email exchange regarding issues that employees knew were under investigation.

As a result, Banc of America Securities agreed to pay a $10 million penalty to settle the claims. When this happened in 2004, that amount was a record fine for a violation of this type. The SEC used this example to explain that they will not tolerate unreasonable delay in responding to their inquiries.

It's critical for organizations to easily access documents, emails and even text messages. If those forms of information are deleted without being properly preserved, they could be lost forever. This poses an issue when a company needs to provide these records to aid regulatory compliance, a legal suit or an employee dispute.

There have been countless examples of how an archiving system has impacted a company, both negatively and positively. Being able to easily access archived documents, emails and messages takes the guesswork out of certain situations and will ultimately protect your company if used correctly. Greg Arnette, founder and CTO, Sonian, a pioneer in cloud-powered archiving, has identified nine situations in which having records accessible, or not having records accessible, has largely affected companies and employees.


Related Topics : Litigation, Consultants, Digital Rights Management, Environmental Regulations, External and Internal Audits

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